We worked with our partners at the Alliance for Lifetime Income and CANNEX on the most recently released installment of the Protected Retirement Income and Planning [PRIP] Study, a joint research effort focused on both investors and financial professionals, designed to better understand and forecast retirement income trends. This is the first wave of a multi-part 2023 study that builds on studies conducted in the three previous years.
We found that Americans who are close to retirement or who have recently retired are still not prepared and are in need of reliable retirement solutions.
Top insights include the following:
- 51% of consumers between 45 and 75 saying they do not have enough retirement savings to last their lifetime.
- 32% are not confident they will have enough to cover basic monthly expenses.
- 43% believe the 2022 market setback represents a longer-term change that negatively alters their retirement outlook.
- 16% have retired and returned to work in some capacity.
Furthermore, those we surveyed want 80% of their retirement savings, which will cover their needs in retirement, to be invested in safer investments. Because of this, as well as concerns about market volatility, consumer demand for annuities has skyrocketed. Many have also made other revisions to their investment strategies, in search of strong retirement solutions.
Learn more by reviewing the press release [PDF] and find summaries and further information on the previous PRIP studies here.
